Chalk it up to the oddities of the new economy: ebix.com's Web site www.ebix.com is featured in Forbes magazine's "Best of the Web" issue a few weeks after the Securities and Exchange Commission issued a formal order of investigation into the Atlanta-based company's accounting practices.In August, when ebix.com Inc. released its financial results for the second quarter and first six months of 2000, the company revealed that the SEC had launched its investigation and subpoenaed documents relating to the company's financial reporting since April 1, 1997.
In particular, the SEC is looking into the company's revenue recognition, software development cost capitalization, royalty costs, and classification of cash receipts. The company previously reported that it had restated and reaudited some of its results in response to inquiries from the SEC.
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